you surrender the combination policy, you’re also forfeiting the long-term care benefit it provides, usually at a time when you are most likely to need it. And keep in mind that as you use your long-term care benefits, you’re depleting the death benefit – a death benefit you presumably wanted to pass on to your heirs or perhaps use to pay for estate taxes. Finally, compare costs of combination policies to other forms of life insurance, such as term insurance, and stand-alone long-term care policies. Depending on your age and health, the cost for the combination life policy may actually be higher than the total premiums paid for separate life insurance and long-term care policies, especially if your life insurance need is temporary (such as income replacement during your working years) rather than permanent.
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